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91: Make journal entries for Glamour Inc., a new corporation. a) On August 1st, Glamour...

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91: Make journal entries for Glamour Inc., a new corporation. a) On August 1st, Glamour Inc. sold 1,000 common shares for $500 each. Half of the shares were for cash and the other half were lor equipment. b) On October 1st, Glamour Inc. sold 1,000 non-participating cumulative preferred shares ($8 dividend preference) for land worth $150,000. c) On Dec 31, Glamour Inc. recognized income of $18,000 and decided to pay half of its profit as dividends. Make journal entries for the dividends only, assuming they were paid out the same day. 02: Fla Fla Ltd. has 10,000 common shares and 1,000 participating preferred shares outstanding. The preferred shares hold a dividend preference of $5 per share. Assuming all earnings are paid out as dividends, how much, in total, do the preferred shareholders get in each scenario? a) Earnings of $5,000 b) Earnings of $55,000 c) Earnings of $99,000

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